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Brexit discussed in Gibraltar

Held in June 2017, ICAEW hosted an evening event on Brexit for our members, students, stakeholders and the Gibraltar of Society of Accountants.

The evening, Brexit: Challenges and Opportunities, was well attended and by a wide range of ages. Support came from a high-profile panel, which included; Michael Llamas, Gibraltar’s Attorney General; Joseph Caruana, Deloitte’s senior partner; and Michael Carlton, former Chief Executive of Bet Victor and local entrepreneur. ICAEW Regional Director, Martin Manuzi chaired the panel and there was a very lively discussion representing all sides of the debate after the initial presentations.

The two main areas of discussion were retaining an open free-flowing border with Spain, which 10,000 people cross each day to work in Gibraltar, and ensuring continued access to the UK market, which makes up 90% of Gibraltar’s financial services through the main industries of gaming and insurance. The panel all agreed there continues to be strong economic prospects for Gibraltar and the Attorney General spoke very positively about Gibraltar’s future in a post Brexit environment.

It was also interesting to hear from the panellists and audience about other opportunities which might open up possibilities for Gibraltar, including the proximity of Gibraltar to North Africa and further afield, as Gibraltar needs to continue to market itself as an attractive centre for investment.

The mood of the event remained positive, however, there was also some acknowledgement that the voyage ahead would not be all plain sailing.